The British pound has fallen below the 1.2300 level against the US dollar as fears about the health of the UK economy continue to grow. GBPUSD bulls must defend the 1.2200 level to avoid a technical challenge towards the current monthly low, around the 1.2160 level. GBPUSD dip-buyers may be interested in the pair at current levels and may target the 1.2800 resistance level over the medium-term.
The GBPUSD pair is only bearish while trading below the 1.2450 level, key support is found at the 1.2200 and 1.2160 levels.
The GBPUSD pair is only bullish while trading above the 1.2450 level, key resistance is found at the 1.2500 and 1.2600 levels.
